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Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Something to remember the next time Playa is crying about disinvestment.
Seems to me like an obvious “taking” and deeply unconstitutional. More virtue signaling opportunity for JB and his eager yapping legal puppy Kwaumie. Ultimately just more waste of IL taxpayer money.
Rights normally come with responsibilities. But in this case, the tenants have the right to foul up a multi-million dollar sale, possibly for months, without any liability or financial responsibility. Isn’t socialism fun?
Wasn’t the postponement of rents a dry run? Some may call owning property in Chicago ‘stranded assets’.
So more stripping away of property rights of owners. Why would you want to invest in buildings here? How does this increase affordable housing? Who the heck wants to own rental property in Chicago and deal with tenants anyway? It is a pro-crime city that doesn’t reward hard work or productivity. Some of those tenants are criminals and deadbeats who know how to game the system. Tenant fraud is at an all time high. The only way to protect yourself in Chicago is not to invest in Chicago. Related topic: Property owners are treated like crap in Chicago. Victims of… Read more »
A city full of deadbeat tenants will vote for laws that protect deadbeat tenants. It’s as simple as that. People seem to forget that vast swathes of the city, in many places stretching for dozens of blocks at a time, are occupied by low income renters. They are simple minded and, quite frankly, hate their landlords. Most of them have a sense of entitlement and expect far more from their landlord than their meager rent could ever provide, and that sense of entitlement becomes the basis of Chicago’s Landlord and Tenant laws. They have bad credit, live paycheck to paycheck… Read more »
Good post. Kinda leaves me speechless. Chicago is a city of deadbeats. It seems like a lot of people in Chicago do not have to pay rent, utilities, traffic fines, car loans, car insurance, credit card debt, etc. etc.
This could not pass the most rudimentary constitutional sniff test.
That’s frankly atrocious.